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Titolo:
Dynamics in a transactions-based monetary growth model
Autore:
Jha, SK; Wang, P; Yip, CK;
Indirizzi:
Vanderbilt Univ, Dept Econ, Nashville, TN 37235 USA Vanderbilt Univ Nashville TN USA 37235 Dept Econ, Nashville, TN 37235 USA Asian Dev Bank, Manila, Philippines Asian Dev Bank Manila PhilippinesAsian Dev Bank, Manila, Philippines Chinese Univ Hong Kong, Shatin, Hong Kong, Peoples R China Chinese Univ Hong Kong Shatin Hong Kong Peoples R China Peoples R China
Titolo Testata:
JOURNAL OF ECONOMIC DYNAMICS & CONTROL
fascicolo: 4, volume: 26, anno: 2002,
pagine: 611 - 635
SICI:
0165-1889(200204)26:4<611:DIATMG>2.0.ZU;2-D
Fonte:
ISI
Lingua:
ENG
Soggetto:
LONG-RUN GROWTH; ENDOGENOUS GROWTH; INCREASING RETURNS; MONEY; INFLATION; EQUILIBRIUM; VELOCITY; ECONOMY; WELFARE; COSTS;
Keywords:
monetary dynamics; endogenous growth; transactions costs;
Tipo documento:
Article
Natura:
Periodico
Settore Disciplinare:
Social & Behavioral Sciences
Citazioni:
36
Recensione:
Indirizzi per estratti:
Indirizzo: Wang, P Vanderbilt Univ, Dept Econ, 221 Kirkland Hall, Nashville, TN 37235USA Vanderbilt Univ 221 Kirkland Hall Nashville TN USA 37235 37235 USA
Citazione:
S.K. Jha et al., "Dynamics in a transactions-based monetary growth model", J ECON DYN, 26(4), 2002, pp. 611-635

Abstract

This paper characterizes the dynamics of a monetary endogenous growth model in which money is introduced into the system via a transactions-cost technology. A monetary equilibrium that either satisfies the Friedman rule of the optimum quantity of money or accommodates the zero-inflation-rate policyis dynamically unstable. With Cagan-like hyperinflation, the monetary equilibrium may either be unstable or exhibit dynamic indeterminacy in which a variety of equilibrium outcomes emerge in transition. The rate of monetary expansion, the relative magnitudes of the intertemporal elasticity of substitution and the production technological parameter are crucial for determining the stability property of the model. (C) 2002 Elsevier Science B.V. Allrights reserved.

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Documento generato il 31/03/20 alle ore 04:52:42